Nigerian mobility startup Max.ng raised $7M to expand across 10 West African cities

Transport

Tuesday, 25 June 2019 15:13

Nigerian mobility startup Max.ng raised $7M to expand across 10 West African cities

(Togo First) - Nigerian mobility startup Max.ng recently raised $7 million to expand to 10 West African countries, boost its steam and develop in the coming years a transportation and delivery system using three-wheelers.

The money was secured from a group of African and non-African investors, includng capital-risk firm Novastar Ventures and Japanese company Yamaha Motor Co.Ltd. Adding the recent proceeds, Max.ng has successfully raised $8.5 million so far.

MAX is building technology infrastructure and financial services to make mobility safe, affordable and accessible to 1 billion Africans

The Nigerian firm, according to co-founder Adetayo Bamiduro, “is building technology infrastructure and financial services to make mobility safe, affordable and accessible to 1 billion Africans.”

MAX targets the sub-Saharan Africa market which it values at $80 billion. In West Africa, the startup will settle in Ghana and Côte d’Ivorie and add new types of vehicles, such as watercrafts and three-wheeler taxis, to its fleet.

It should be noted that this year alone, two Nigerian mobility startups, Gozem and Kobo360, entered the Togolese market. MAX could thus be the next.

Ayi Renaud Dossavi

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